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Bloomberg: Masters of $1 Trillion Fund Reap Rewards of a Very Good Idea

Business

Date posted: 19.05.2020

Category: Business News

In one of the world’s richest countries, the finance minister may soon need to break the spending record he just set.

For Jan Tore Sanner, the 55-year-old who’s been running Norway’s finances since January, that’s not really a problem thanks to a couple of choices his country made a while back.

After Norway first discovered oil in 1969, a decision was made that would set it apart from other petro-states. Instead of splurging its newfound wealth on glitzy opulence to be savored by a small elite, Norway ended up putting the money in an oil fund for the people. Its wealth fund is now more than three times the size of Saudi Arabia’s, even though Norway’s oil production is dwarfed by the OPEC leader’s.